Core Viewpoint - The investment director of PIMCO, Daniel Ivascyn, suggests that global economic growth is expected to remain strong through 2026, and investors should consider global diversification in their asset allocation strategies [1]. Group 1: Investment Opportunities in Bonds - High-quality fixed income assets are currently at their most attractive valuation levels in years, with initial yields closely linked to future returns, providing a positive long-term outlook for investors [2]. - Historical data shows a 94% correlation between initial bond yields and future 5-year returns, indicating that current bond yields, particularly in the U.S. market, are at their highest levels in a decade, suggesting potential for attractive returns [2]. - The current market environment is shifting, making bonds more appealing compared to the historically high valuations of the stock market, where the cyclically adjusted price-to-earnings (CAPE) ratio exceeds 35 [2]. Group 2: Investment Strategies - Ivascyn emphasizes two key strategies: global diversification and active management to navigate market volatility and differentiation among countries' fiscal and monetary policies [3]. - Investors are advised to combine stock and bond investments, increasing bond allocations to achieve higher long-term returns through a mixed portfolio approach [3]. - The global economic outlook remains strong, with significant differentiation in fiscal and monetary policies across countries, creating opportunities for active investment management [3]. Group 3: Gold Market Outlook - Gold prices have surged, with spot gold prices increasing over 60% in 2025 and surpassing $5,000 per ounce at the beginning of 2026, driven by geopolitical tensions and concerns over high debt levels in countries like the U.S. and Japan [4]. - The demand from central banks and individual investors supports the bullish trend in gold, which is expected to continue as long as geopolitical tensions and debt concerns persist [4]. - Despite the rapid increase in gold prices, there may be short-term corrections, but the long-term outlook remains strong, suggesting that investors should consider increasing their allocation to gold-related products [4].

Core Viewpoint - The global gold market is experiencing a significant surge, with gold prices reaching new historical highs, leading to accelerated net inflows into gold-themed ETFs, particularly gold stock ETFs, which are showing a more pronounced "capital attraction" trend [1][2]. Group 1: Gold Themed ETFs - The net inflow of funds into gold-themed ETFs has accelerated this year, with a notable distinction between commodity gold ETFs and gold stock ETFs, the latter showing a more significant capital attraction [2]. - As of January 27, the total scale of 14 commodity gold ETFs reached 314.14 billion yuan, a 29.71% increase from the end of last year [2]. - The total net inflow of funds into commodity gold ETFs this year has reached 27.02 billion yuan, which is nearly a quarter of the total net inflow for the entire previous year [2][3]. Group 2: Gold Stock ETFs - The six gold stock ETFs have a combined scale of 29.09 billion yuan, representing an increase of over 75% from the end of last year [2]. - The net inflow of funds into gold stock ETFs has exceeded 5.63 billion yuan this year, surpassing one-third of the total net inflow for the previous year [3]. - Among the gold stock ETFs, one has reached a scale of over 10 billion yuan, with the latest scale of Yongying's gold stock ETF at 19.46 billion yuan, a more than 50% increase from the end of last year [3]. Group 3: Performance Comparison - Gold stock ETFs have shown higher yield elasticity, with a cumulative net value growth rate exceeding 35% this year, compared to around 17% for commodity gold ETFs [4]. - Over the past year, gold stock ETFs have seen a cumulative net value increase of over 140%, significantly outperforming commodity gold ETFs [4]. Group 4: Market Outlook - The investment value of gold assets is gaining recognition due to global geopolitical uncertainties and expectations of a rate cut cycle in 2026, which could support demand for gold [5]. - The overall performance of gold stocks is meeting expectations, with potential for continued investment opportunities in 2026 [5].

【导读】上海地区券商分支机构2025年全景：交易量占全国三成，超六成营收破千万元 资本市场回暖背景下，上海地区证券营业部经营业绩显著提升。 1月27日，上海市证券同业公会披露2025年上海地区证券经纪业务经营简况，区域内券商分支机构交易 量、营收、客户资产均实现跨越式增长，超六成分支机构营收突破千万元大关，不过平均佣金率跌 破"万二"底线，行业转型压力仍在凸显。 交易量同比上升80% 超六成网点营收破千万 2025年末，上海地区证券经纪业务分支机构共计842家。含分公司108家，营业部734家，含A类54家，B 类240家，C类440家。 值得注意的是，本地与异地分支机构的佣金率差距明显。2025年，上海本地分支机构A股平均佣金率为 0.249‰（去除高频量化业务为0.252‰），异地分支机构A股平均佣金率为0.173‰（去除高频量化业务 为0.189‰）。一位经纪业务人士分析，本地机构凭借地缘优势和更稳固的客户关系，在定价上保有微 弱韧性；而异地机构为开拓市场，或许采取了更激进的竞争策略。 交易量方面，全年，上海地区分支机构沪深A股交易量为128.19万亿元，同比上升80.4%，A股交易量最 大一家分支机构 ...

Core Viewpoint - The stock of Wolong Materials (002130) experienced a sudden drop of 10.01%, leading to a market capitalization decrease to 36.94 billion yuan and a trading volume exceeding 5.8 billion yuan, raising concerns among investors about the reasons behind the decline [1]. Group 1 - On January 27, Wolong Materials announced the publication of materials related to its overseas listing of foreign shares (H-shares), indicating that the Hong Kong Stock Exchange's listing committee had held a hearing to review the company's application for overseas issuance [4]. - The company plans to list on the Hong Kong main board, with CITIC Securities International and China Merchants Securities International as joint sponsors [4]. - Market rumors suggested that the H-share issuance price might be significantly discounted compared to the A-share price, which has raised investor concerns [4]. Group 2 - Following the stock's decline, many investors took to social media to express confusion and seek explanations for the sudden drop, with some speculating about potential impacts from the company's H-share listing [2]. - The company reportedly expressed surprise at the stock's performance and inquired about the movements of its competitors [2]. - There were also mentions of potential disturbances related to copper cable, which could affect the stock's performance [4].

| | | 沃尔核材[002130] 2026-01-28 15:00 | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 35.41 | | | | | | | | | 33.83 | | | | | | | | | 32.25 | | | | | | | | | 30.67 | | | | | | | | | 29.09 | | | | | | | | | 27.52 | | | | | | | | | 25.94 | | | | | | | | | 24.36 | | | | | | | | | 22.78 | | | | | | | | | 309万 | 交軍:1967788 | | | | | | | | 232万 | | | | | | | | | 155万 | | | | | | | | | 77.32万 | | | | | | | | | | 11-07 | 11-19 | 12-01 | 12-11 | 12-23 | 01-06 01-16 | 01-2 ...

Core Viewpoint - The stock ETF market has experienced a significant outflow of funds, totaling over 640 billion yuan in the last ten trading days, indicating a bearish sentiment despite the Shanghai Composite Index maintaining above 4100 points [1]. Group 1: ETF Market Overview - As of January 27, the total scale of all stock ETFs (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day alone [1]. - The outflow trend has persisted for ten consecutive trading days, with a cumulative net outflow exceeding 640 billion yuan [1]. Group 2: ETF Performance by Type - Industry and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs faced significant outflows, totaling 570 billion yuan [3]. - The SGE Gold 9999 index ETFs led the inflows with a net inflow of 35.7 billion yuan, while the ETFs tracking the CSI 300 index saw a net outflow of 385.49 billion yuan [3]. Group 3: Notable ETF Inflows - The Huaxia Nonferrous Metals ETF and Gold Stock ETF recorded the highest single-day net inflows of 16.57 billion yuan and 5.45 billion yuan, respectively [4][5]. - The E Fund Gold ETF also saw a net inflow of 8.75 billion yuan, contributing to the overall strength of gold-related ETFs [6]. Group 4: Notable ETF Outflows - The top ten ETFs with the highest net outflows were all broad-based ETFs, with three CSI 300 ETFs collectively experiencing over 330 billion yuan in net outflows [8]. - The CSI 500 ETF had a significant net outflow of 93.23 billion yuan, indicating a trend of investors pulling back from broader market exposure [8]. Group 5: Market Outlook - Analysts from Guotai Fund suggest that the recent rise in gold prices is driven by its safe-haven appeal and concerns over U.S. asset confidence, alongside a potential interest rate cut cycle [7]. - The outlook for the non-ferrous sector remains positive, with supply disruptions and strong demand expected to support prices for metals like copper and lithium [7].

【导读】鸣鸣很忙上市，红杉中国、高榕创投迎来超级回报 中国基金报记者 莫琳 刚刚，一家从湖南长沙走出来的零食量贩店，在香港火了！ 1月28日，被称为"零食界的拼多多"的鸣鸣很忙正式登陆港股，开盘后鸣鸣很忙股价一度涨88%，截至 发稿，鸣鸣很忙股价约423港元/股，涨幅近80%，市值超900亿港元。 | < ロ 01-28 10:03:31 | 鸣鸣很忙(1768) | | | --- | --- | --- | | ム２３ ４００ 额 20.9亿 股本 2.16亿 市盈 43.58 万得 盘口 | | | | +186.800 +78.95% 换 2.30% 市值 907亿 市净 11.46 | | | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 均价: 428.975 盘口 成交 | | | | AA5000 ... --------88.08%- 卖10 425.400 | | | | 卖9 425.200 100(1) | | | | 卖8 425.000 200(2) 卖7 424.800 | | | | 卖6 424.600 | | | | 卖5 424.400 | | | | ...

Core Viewpoint - The stock ETF market has experienced a continuous outflow of funds for ten consecutive trading days, totaling over 640 billion yuan, indicating a bearish trend despite the Shanghai Composite Index stabilizing above 4100 points [1][2]. Group 1: Market Overview - As of January 27, the total scale of the stock ETF market (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day [2]. - The recent ten-day period has seen a cumulative net outflow exceeding 640 billion yuan from stock ETFs [1]. Group 2: ETF Performance by Type - Industry theme ETFs and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs experienced significant outflows, totaling 570 billion yuan [4]. - The broad-based ETF scale decreased by 507.34 billion yuan during this period [4]. Group 3: Specific ETF Insights - ETFs tracking the SGE Gold 9999 index saw a net inflow of 35.7 billion yuan, while those tracking the CSI 300 index faced a net outflow of 385.49 billion yuan [4]. - Major fund companies like E Fund and Huaxia Fund reported significant net inflows in their gold and commodity ETFs, with E Fund's gold ETF attracting 8.8 billion yuan and Huaxia's non-ferrous metal ETF attracting 16.57 billion yuan [5][7]. Group 4: Sector Analysis - The gold and non-ferrous metal sectors are currently the most attractive for investors, with substantial inflows into related ETFs [6][7]. - Factors supporting the gold price include its safe-haven appeal, a potential Fed rate cut cycle, and geopolitical tensions, while the non-ferrous sector is bolstered by supply disruptions and strong demand [8].

【导读】深圳杰我睿珠宝被曝经营异常，罗湖通报：第一时间组建工作专班介入 中国基金报 晨曦 综合整理 又有金店"爆雷"？最新通报来了！ 1月28日，"罗湖发布"官微发布情况通报称，近日，工作掌握辖区企业深圳市杰我睿珠宝有限公司（以下简称杰我睿）经营异常，引发关注。现将情况通 报如下： 一、我区高度重视，第一时间组建工作专班介入，督促企业履行主体责任。 二、目前，杰我睿负责人及相关核心管理人员均在岗，积极开展与投资人沟通、资产梳理和兑付等工作。 三、针对投资人反映的诉求，工作专班正在核查中。 请公众理性对待网络信息，通过合法渠道进行投资，不信谣、不传谣。 此前报道： 据第一财经，近日，杰我睿名下的"杰我睿珠宝"及多个关联的线上平台 "龙冶金""金城金世界"均出现了兑付困难，波及众多投资者。 企查查信息显示，杰我睿成立于2014年，主营业务为有色金属及矿石批发。该公司原为水贝地区黄金原料交易商，从上游供货方采购、回收黄金原料，向 下游小商户供货。近年来，杰我睿业务逐步转向贵金属零售，并向散户开放黄金预定价交易，也因此扩大了风险敞口。 多名投资者称，自1月20日起，杰我睿线上平台就已无法正常提现。自2026年1月21 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.49% to 4160.01, the Shenzhen Component Index increasing by 0.09% to 14342.74, and the ChiNext Index declining by 0.37% to 3330.39 [1][2]. Sector Performance - Precious metals, industrial metals, and petrochemicals sectors performed strongly, while solar energy, pharmaceuticals, and aerospace sectors experienced fluctuations [2]. - The basic metals sector saw significant gains, with copper and aluminum industries leading the rise, as multiple stocks hit the daily limit up [6]. Stock Highlights - Notable stocks included China National Offshore Oil Corporation, China Petroleum, and China Unicom, which showed strong performance [4]. - The aluminum futures market saw a rise of over 4%, with the main contract reported at 25345 yuan/ton [8]. Biotechnology Sector - The biotechnology sector faced declines, with several companies such as Zhijiang Biology and Baipusais losing over 9% [10][11]. Solar Energy Sector - The solar energy sector faced downward adjustments, with companies like High Measurement and Maiwei experiencing drops exceeding 6% [11].